Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of operating leases

The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases:

(In millions)	Balance sheet location	As of September 30, 2019
Assets:
Operating lease assets	Operating lease assets	$	422.0
Liabilities
Current operating lease liabilities	Accrued expenses and other	$	70.6
Non-current operating lease liabilities	Long-term operating lease liabilities	410.5
Total operating lease liabilities		$	481.1

Operating lease cost

The following table summarizes the effect of lease costs in our condensed consolidated statements of income:

		For the Three Months Ended September 30,			For the Nine Months Ended September 30,
(In millions)	Income Statement Location	2019			2019
Operating lease cost	Research and development	$	1.8		$	5.5
	Selling, general and administrative	21.3			62.7
Sublease income	Selling, general and administrative	(6.2		)	(19.3		)
	Other (income) expense, net	(1.0		)	(2.9		)
Net lease cost		$	15.9		$	46.0

Operating lease liability maturity

The minimum lease payments for the next five years and thereafter is expected to be as follows:

(In millions)	As of September 30, 2019
2019 (remaining three months)	$	29.9
2020	80.0
2021	74.8
2022	71.5
2023	70.2
2024	67.3
Thereafter	148.7
Total lease payments	$	542.4
Less: interest	61.3
Present value of operating lease liabilities	$	481.1

Minimum lease payments

Under the prior lease accounting guidance minimum rental commitments under non-cancelable leases, net of income from subleases, for each of the next five years and total thereafter as of December 31, 2018, were as follows:

(In millions)	2019			2020			2021			2022			2023			Thereafter			Total
Minimum lease payments	$	87.0		$	80.7		$	75.9		$	71.7		$	71.0		$	215.3		$	601.6
Less: income from subleases(1)	(26.8		)	(25.6		)	(23.7		)	(24.0		)	(24.3		)	(58.4		)	(182.8		)
Net minimum lease payments	$	60.2		$	55.1		$	52.2		$	47.7		$	46.7		$	156.9		$	418.8

(1)

Represents sublease income expected to be received for the vacated manufacturing facility in Cambridge, MA, the vacated portion of our Weston, MA facility and other facilities throughout the world.

Operating lease weighted average remaining term and discount rate

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

	As of September 30, 2019
Weighted average remaining lease term in years	7.2
Weighted average discount rate	3.3	%

Operating lease supplemental cash flow disclosure

Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities in our condensed consolidated statements of cash flows is as follows:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(In millions)	2019		2019
Cash paid for amounts included in the measurement of lease liabilities	$	23.5	$	70.3
Operating lease assets obtained in exchange for lease obligations	$	4.6	$	17.3